Canadian equipment finance company Element Financial Corp. (EFN.TO) on Monday said it has established Element Capital, a newly formed business unit. The company appointed Tony Bergeron as Executive Vice President to lead Element Capital.
Bergeron will be based in Montreal and will report to the company's President and Chief Operating Officer Bruce Smith.
Element Financial noted that the new unit is dedicated to large equipment financing and leasing transactions, including energy related assets, corporate aircraft and helicopters, rail and road transport, as well as mining and large-scale construction equipment.
Steven Hudson, Chairman and Chief Executive Officer of Element Financial, said, "The creation of Element Capital is an instrumental part of Element Financial Corporation's growth strategy to expand into capital asset financing with larger transaction size. We believe Element Capital can increase its fee-based income with modest balance sheet consumption and generate over $250 million of annual volume."
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